7 Things You Should Do With an Inherited Property
Have you inherited a home from your parent or a relative? You don’t want to make the common mistakes most people do. Jamie Colby, a host from Fox Business Network has a word of advice for you. In the reality program called Strange Inheritance that debuted January 26, she discusses the seven most important things you should do when you inherit a property.
Clear the title. You need to check to ensure that the person making you the heir has the title in his or her name so the transfer is hassle-free.
Check that the property has no encumbrances. There’s always a chance that someone offered the property as collateral against money borrowed from some financial institution in the past or there are people or financial institutions laying claim to the property. It’s for your own good that you conduct a proper research before trying to lay claim to the property. Once this is clear, you can easily transfer the property title or lease or even sell because no ones else has a claim on it.
Talk with a licensed engineer or contractor so that they can give your property a clean bill of health, and if not, to tell you what repairs you need to do. It’s normal for properties that families have held for a long time to be run down, especially when no one lives in them. Making minor or major repairs ensures that the property retains its value.
Perhaps you want to think about selling this property or simply beating it back to shape. There are simple things you can do to add its value. Some of these things include painting, replacing the furniture and doing some thorough landscaping to increase its curb appeal, especially if you’re planning to sell. The lawn and garden provide a good first impression to would-be buyers.
Upgrade wherever possible. Some simple stuff such as refurbishing the kitchen or even the improving the floor can make the difference between getting good money from the sale or not. Don’t ignore small things such as drawer handles and doorknobs because they can modernize the property.
Get acquainted with the neighborhood. The best way to size up the property you’ve inherited is to know people who live there so you can learn the value of recent sales. You may also want to talk to an attorney to get advice, especially on matters of taxation in regard to your inheritance.
Don’t forget the hidden places. You want to make sure that you check out those hidden places that are not visited too often like the garage, attic and basement. Some people have discovered treasures here that were long forgotten. Some of these treasures include simple stuff like books, coins and cards or more valuable stuff that’s worth a fortune.
If you have any questions or anecdotes about homes you’ve inherited, leave a comment.